Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>Trigon announced its Q1/25 financial results, reporting strong numbers with Q1 being the first full quarter of underground production.</li>
<li>TM more than doubled its revenues from the previous quarter ($10M vs. $3.9M) and reported its first positive operating cash flow since starting production.</li>
<li>The Company reported an improved adjusted EBITDA of $1.8M and a further decreasing C1 cash cost of $3.23/lb.</li>
</ul>


Trigon announced its Q1/25 financial results, reporting strong numbers with Q1 being the first full quarter of underground production.
TM more than doubled its revenues from the previous quarter ($10M vs. $3.9M) and reported its first positive operating cash flow since starting production.
The Company reported an improved adjusted EBITDA of $1.8M and a further decreasing C1 cash cost of $3.23/lb.


<ul>
<li>July was the second consecutive negative month for all 17 metals in our coverage except for gold, however, mining equities largely outperformed.</li>
<li>As anticipated in our last Mining Monthly, the June sell-off marked a great buying opportunity in the metals equities.</li>
<li>We are excited by the continued outperformance in the mining sector compared to broader markets as we believe this will begin attracting generalist investors to the space.</li>
</ul>


July was the second consecutive negative month for all 17 metals in our coverage except for gold, however, mining equities largely outperformed.
As anticipated in our last Mining Monthly, the June sell-off marked a great buying opportunity in the metals equities.
We are excited by the continued outperformance in the mining sector compared to broader markets as we believe this will begin attracting generalist investors to the space.


Lake Victoria Gold Ltd - Mining Monthly: July Edition

<ul>
<li>Trigon announced its Q4/24 and FY24 financial results marking the completion of a transformational year for the Company.</li>
<li>With just a small amount of underground production included in the Q4 numbers, costs have already started to decrease with C1 cash costs coming in at $3.31/lb vs. $3.81 for the full fiscal year.</li>
<li>The failed pump has been replaced and most importantly, mining activities were not affected by the short dewatering issue.</li>
</ul>


Trigon announced its Q4/24 and FY24 financial results marking the completion of a transformational year for the Company.
With just a small amount of underground production included in the Q4 numbers, costs have already started to decrease with C1 cash costs coming in at $3.31/lb vs. $3.81 for the full fiscal year.
The failed pump has been replaced and most importantly, mining activities were not affected by the short dewatering issue.


TM: FY24 Financials Improve with Costs Decreasing

<ul>
<li>Following back-to-back positive months and new all-time highs, gold closed down slightly in June, while the gold equities sold off more dramatically.</li>
<li>Silver fell more sharply than gold (down 9%) following the strong outperformance in May (up 14%), and silver equities followed suit.</li>
<li>Copper also dropped significantly in June, down 9% to $4.4/lb while the copper equities outperformed the metal slightly, down 7%.</li>
</ul>


Following back-to-back positive months and new all-time highs, gold closed down slightly in June, while the gold equities sold off more dramatically.
Silver fell more sharply than gold (down 9%) following the strong outperformance in May (up 14%), and silver equities followed suit.
Copper also dropped significantly in June, down 9% to $4.4/lb while the copper equities outperformed the metal slightly, down 7%.


Agnico Eagle Mines Ltd - Mining Monthly: June Edition

<ul>
<li>As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months.</li>
<li>This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover.</li>
<li>The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%).</li>
</ul>


As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months.
This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover.
The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%).


Omai Gold Mines Corp - Q4/24 Recap: All Our Research in One Place!

Canada

Trigon Metals Inc. provides mining services. The Company develops mineral properties, as well as offers investment solutions. Trigon Metals serves customers in Canada.

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Trigon Metals (TM CN)

TM: Q1 Financials: Positive OCF & EBITDA

Trigon announced its Q1/25 financial results, reporting strong numbers with Q1 being the first full quarter of underground production.

Atrium Research

Lake Victoria Gold Ltd - Mining Monthly: July Edition

July was the second consecutive negative month for all 17 metals in our coverage except for gold, however, mining equities largely outperformed.

Atrium Research

TM: FY24 Financials Improve with Costs Decreasing

Trigon announced its Q4/24 and FY24 financial results marking the completion of a transformational year for the Company.

Atrium Research

Agnico Eagle Mines Ltd - Mining Monthly: June Edition

Following back-to-back positive months and new all-time highs, gold closed down slightly in June, while the gold equities sold off more dramatically.

Atrium Research

Omai Gold Mines Corp - Q4/24 Recap: All Our Research in One Place!

As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have...

Atrium Research

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